Booking Holdings Inc. reported gross bookings and revenue in the third quarter that beat analysts’ estimates, reflecting a summer surge in travel after two years of pent-up demand.

Gross bookings, which include all travel services booked by customers net of cancellations, jumped 36% to $32.12 billion. Analysts had forecast $30.74 billion. Revenue was $6.1 billion, a quarterly record and up 29% from last year. The shares rose 5.4% in extended trading before giving up those gains.

“Despite the rising concern around the macroeconomic environment, we are encouraged by the slight improvement in room night growth we have seen in October and by the level of bookings for travel in early 2023,” Chief Executive Officer Glenn Fogel said in a statement.